Legendary investor Ray Dalio says he’s not changing his stance on Bitcoin (BTC) despite the crypto king’s remarkable rally to start the year.
In an interview on The Julia La Roche Show, Dalio says his views on Bitcoin are pretty much the same as they were before: BTC is still not a reliable store-of-value asset or a medium of exchange.
“[Bitcoin] is not an effective currency. It has a volatility to it that has no relation to practically anything… It goes down because, let’s say people in the tech business like it, and then there’s a tech problem, then they sell it to raise things and so on and so forth…
It’s a very, very poor alternative to gold… Central banks, by the way, own gold, and it’s their third-largest reserve – US dollars, euros, gold and then yen.”
According to Dalio, Bitcoin still faces the risk of being outlawed, with other nations and central banks having no interest in accumulating the crypto king.
“They can outlaw [Bitcoin]. They can regulate it. Central banks and countries pretty much don’t want it anyway. So it’s not a good viable alternative… You can have it go down 80%, and if you want to have a little bit [of] it, you can have it. It’s not a big asset. It gets an amount of attention which is way out of proportion to its size.”
At time of writing, Bitcoin is trading for $30,443.
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